Frazier Healthcare Partners Announces Acquisition of Accuity Delivery Systems
Frazier Healthcare Partners, a Seattle-based healthcare investment firm, completed its acquisition of Accuity Delivery Systems, a leading provider of physician-led Revenue Integrity and Clinical Documentation Improvement (CDI) services. Frazier is joined in the transaction by 22C Capital and several existing shareholders, including WindRose Health Investors, Accuity’s founder Dr. Eric Moskow, and Accuity’s senior leadership team.
The partnership with Frazier will help accelerate the momentum the Company has achieved as a leading Revenue Integrity and CDI service provider. Accuity will continue to invest in its people and proprietary technology platform to better service its customers. As part of these efforts, Todd Van Meter will join Accuity as CEO and Robert Jones as CFO. Both Todd and Robert bring decades of relevant experience scaling healthcare services organizations and will help Accuity continue its rapid growth trajectory. Frazier Executive in Residence Jim Brady will also take an Executive Chairman position on the Company’s Board of Directors to help guide the Company’s commercial and technology efforts.
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Todd Van Meter has over 20 years of experience in hospital revenue cycle management and outsourcing services. Most recently, Todd was President of the Ambulatory Services Division of Optum360, a provider of RCM solutions to physicians. Prior to Optum360, Todd was the President and COO of EOS Healthcare, a hospital RCM provider.
Robert Jones is an experienced CFO of high-growth companies, including most recently at Staywell, an employee wellness and patient engagement platform recently sold to WebMD. He has additional previous experience as the CFO of C3i, a venture-backed IT services firm which scaled revenue nearly 22x in his tenure.
Nader Naini, Managing Partner of Frazier, said, “We are excited to be partnering with Accuity’s dedicated employees to continue to provide best-in-class revenue integrity and CDI compliance services to the company’s customers. With Todd Van Meter’s leadership and the experience of Jim Brady, we look forward to bringing additional resources to accelerate and enhance Accuity’s offerings to help customers improve compliance, ensure accurate reimbursement and optimize their operations.”
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Jamie Wells, President of Accuity, added, “This is a great opportunity for our company, and we are very excited to have Frazier Healthcare and 22C Capital as new partners. Their investment in the business will enable Accuity to accelerate growth, improve operations, deploy analytical and technology-enabled solutions, and most importantly – deliver value to our clients. We look forward to working together with new leadership and want to take this opportunity to thank Dr. Eric Moskow, former CEO, for his vision and entrepreneurial spirit that have guided the company to date.”
Eric Edell, Managing Partner of 22C, said, “We are excited to partner with Frazier and WindRose to support the Accuity management team’s mission to drive value and quality for its healthcare provider partners by leveraging our deep resources in commercial operations, data automation and technology domains, such as artificial intelligence and machine learning.”
Curtis Lane, WindRose Founding Partner, added: “The recapitalization of Accuity by Frazier enables the company to continue to execute on their growth initiatives with an expanded leadership team and additional resources. WindRose looks forward to continuing to partner with Accuity during this next stage.”
Goodwin Procter acted as legal advisor to Frazier, Proskauer Rose acted as legal advisor to Accuity, and Sidley Austin acted as legal advisor to 22C Capital. Houlihan Lokey was Accuity’s financial advisor. Adams Street Partners led the debt financing in support of the acquisition and also made a significant equity co-investment.
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